Managing your finances to deal with stress

By the resi financial blog team, 09 September 2013

How to manage your finances

Often life can have many unexpected surprises and costs, leaving us occasionally out of pocket.

And with these instances of financial surprise, we can suffer from periods of stress and anxiety.

Suffering from money-related stress is not ideal - especially when we have mortgage payments that we need to keep up with on a regular basis. This can sometimes lead to even more feelings of uneasiness as we know that we have financial commitments we need to meet.

If you are feeling the heat from financial stress due to existing or new debts then you may want to think about refinancing your home loan to incorporate your debt.

Debt consolidation

Those wondering when to refinance may want to take an in-depth look at their current personal financial situation to see if they are comfortable with their current levels of cashflow.

Consolidating all of your existing debts into your home loan is a great way to ensure that you can pay it off at one fixed or variable interest rate - instead of across many different ones.

This may also result in you paying lower fees, as your loan will be with one provider instead of multiple.

Talk to your home loan provider

If you are feeling financially stressed then one of the most important things you can do is talk to your home loan provider. They will work with you to find the best way to move forward and ensure that you are comfortable with the outcome agreed upon.

Whether it's switching to a great 3 year fixed home loan or incorporating your debt, your mortgage manager is there to help you.

At the same time, you may also find it beneficial to try to stick to a budget in order to plan your finances accordingly. Creating a budget will enable you to see where your money is going, and determine which expenses you can cut down on or eliminate.

Categories: Home Loans